Expert Interview with Jor Law

This week's ICO Spotlight is on AMCHART. Chairman and CEO Ken Parekh discusses the universal electronic health record that's poised to change the way we access patient and provider records using blockchain technology. Lawyer Jor Law also joins us for some expert insight on ICO regulations; find out why he is calling for them to be changed. Plus, get a new update on Ripple's wild ride and more ICO news.

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ICO Spotlight: Cryptyk

April 3, 2018

ICO Spotlight: Celsius Network

Expert Interview: with George Weiksner

February 27, 2018

ICO Spotlight: Property Coin

Expert Interview: Professor Dr. Bhagwan Chowdhry

Featuring

ICO Spotlight

AMCHART

AMCHART is a universal electronic health record (EHR) that&rsquo;s poised to change the way we access patient and provider records. It utilizes blockchain technology to eliminate the current problems with record systems, improving portability and migration of information, as well as transparency and accessibility. Our main objectives are for patients to have full control over their health records, and providers to have increased confidence that blockchain technology can provide to finally make the system whole.

Interviews

Ken Parekh, Chairman & CEO, AMSYS

Ken is the founder, chairman, and CEO of AMSYS, a 15 year old international organization invested in six principal verticals including Amchart. In addition to his work as AMSYS chairman, he's the CIO of an investment firm as well.

Jor Law, Lawyer & Founding Shareholder of Homeier Law PC

Jor Law practices corporate and business transactional law in Los Angeles and is a founding shareholder of Homeier Law PC. Jor has represented a broad variety of clients, both domestically and internationally, from Fortune 100 companies to startup businesses and entrepreneurs in a wide range of industries, including financial services, cleantech, entertainment, aviation, food and beverage, hospitality, manufacturing, retail, real estate, and technology. In addition to counseling companies with structuring, formation, and ongoing corporate issues, Jor&rsquo;s practice includes finance, secured and unsecured lending, mergers and acquisitions, licensing, securities, angel and venture capital financing, internet and new media, technology, e-commerce, and other corporate transactions.

amChart Transcript

Adam Chapmick:

Hey everybody, it's me, Adam Chapnik here ago with ICOinvestor.tv. Thanks for joining us. I am super excited today because I'm here with Ken Park from Amsist Group. He's the chairman and they have been around for a long time, unlike a lot of the companies that were talking to us lately. But they have their hands in all kinds of interesting things and it's really exciting to be able to talk to you today about all of the stuff you're doing. Thanks for joining us.

Ken Parekh:

Thank you Adam for the interview.

Adam Chapnik:

Right on. So, tell us first of all, about Amsist and about how maybe you started it and what it does now.

Ken Parekh:

Sure.

So, Amsist Group was started fifteen years ago by my flagship company Amsist Innovative Solutions. We are an IT Services company. I started Amsist Innovative Solutions fifteen years ago with a hundred dollars in my pocket from my house and today we are going to be a cumulative revenue across all our group companies are going to be about a hundred million dollars.

So no debt, no VC, no bank loans, it's all our money. My money. And it's just we're continuing to put the money back into the ecosystem so we can create more jobs. We have 1,300 engineers working for us on the Amsist IS side, but then we have another 100 employees in India. We have a bunch of healthcare people working for us. So, the goal over here is to continue with the American economy and grow it where we can continue to hire good American workers.

Adam Chapnik:

Fantastic. So that is quite an accomplishment. Congratulations so far. And particularly interesting to us, is that you've got some really exciting insights into how blockchain can help what you're already doing and then maybe more importantly help the world.

What have you got in your cooker?

Ken Parekh:

Absolutely. So, earlier this year, it's been a six/nine month in the making, we go on Dr. Aman Quadry, who is a PhD, and has a masters and he has been in the tech before. Went to do healthcare and now he's already back in tech and we made him the CEO of Amsist Blockchain. And Amsist Blockchain, along with [inaudible 00:04:55] Chopka, who is our CTO. He's a super wicked smart guy. They're very rare, good experienced blockchain programmers who have multiple years of experience. And Chopka is one of them and he's our CTO. So what Aman, Chopka and I of course have come together and we have embarked the journey on amChart.

So it's amChart.io and what amChart is, is we are going to create the first universal medical records on a blockchain. What that does is, I'll give an example; you go to a Doctor's Office in Ohio, they have your medical history. But let's say you go to hometown Texas for a Texan's game and you have to go to the ER or Doctor's Office. Well, they don't have your medical history. So, they might give you medicine that you might be allergic to. Did you know that 79% of medical malpractices happens because they treat you for something that you did not have or they give you incorrect medicine because they do not have the complete medical history.

So, amChart is going to change that. We are creating electronic health records on the blockchain, which any concortion that accesses the blockchain with, doctors or medical record people or whoever it is, can have access to your medical records. The way it does is they can access your hashtag, you give them the private key and they have access to your deal. We are in our board for amChart. We have Andrew Cascas who is the CEO of UT Positions. They have close to 2,000 doctors working in the UT health system.

Adam Chapnik:

That's the University of Texas?

Ken Parekh:

The University of Texas health system and they are super excited about this project and not only just in America, but we are trying to do this as a Universal blockchain, as a decentralized universal platform. So if you go to Dubai or if you go to India or if you go to Japan or wherever you go, if the Doctor's office can do a QR-Code read, read your hashtag, they have instant access to your health record and that's fantastic. That's power that, it's like you have an app on your phone, you basically tell them, hey just read my QR-Code which has your hashtag of your medical records. You give them the private key and BOOM, he has access to all of your medical records, your images, your blood tests, the whole nine yards.

Adam Chapnik:

Yeah, definitely. The electronic medical records and decentralized, sort of putting them all in the same sort of intelligence network is obviously the future. Is there any kind of challenge with competing platforms? Or anyone else who is doing this, will they be able to communicate together? What's the competitive situation?

Ken Parekh:

So, yeah. It would be foolish for us over here to say that we are the only company out there doing medical records on the blockchain right? I mean there have been a couple companies out there who have tried, but those companies either have doctors doing this or either they have the tech guys doing this.

But Amsist, amChart, we are a combination of doctors, we are a combination of engineers that are really coming together to solve a problem. But I'll give an example; so Epic is an EMR software that most of the hospitals use. Just to integrate, one integration from EPIC, EPIC wants you to pay them half a million dollars for the integration. Now, that's ludicrous. Nobody is going to do that.

So, what we have done, is we have created this blockchain where we can have everyone's medical records on it and then we are working with different concortions or hospitals and agencies to access their health records on the same platform. If another blockchain healthcare company wants to team together and create a bigger records. Hey man, let's go for it. Because the idea is that, yes we are in profit, but at the end of the day, if we can solve the problem of, like it one patient, if we can save one patient's life by making sure that the medical records were right there on time. I think we've done something.

So, if I can have other people come together and work with us then that's fantastic.

Adam Chapnik:

One of the cool functions of the currencies, the tokenization of things on blockchain is that is creates an incentivization sort of structure. Is that something you're going to include so the people are incentivized to include their records somehow in your ....

Ken Parekh:

You are absolutely correct. You know your stuff.

So, amChart.io where we're launching our ICO January 15, people can go and participate. So, if you go over there we have delemination of funds and 10% of the tokens are reserved for patient rewards. So, Adam, you, if you want to put your health record online, you put your health record online and we give you a token. You maintain your health record with latest data, we give you a token. So, it's a reward based system.

Same way if let's say, LA's hospital wants to access your medical record. We'll charge them a token to access your health record because they're also billing your insurance companies.

Imagine the fraud that is going to change from the healthcare companies. So, there are a lot of doctors who bill medicare and insurance companies for billing for procedures that they don't even do. They just have patients name and social security number and their insurance information and they bill them. Well, with the blockchain, the insurance companies can go verify the block to see "Hey, did Adam really go to this doctor. Hey, did Adam really get something done to himself." Right? And that's the most important part.

So this is not only going to save lives by making sure that the medical records are there on time, but will also save so much fraud and it's going to save billions of dollars in healthcare costs.

Adam Chapnik:

Wow. So, this is another use of the blockchain as an efficiency driver. It's just a fascinating way to incorporate incentives on the patient and making everything cheaper. It's really visionary. So, thank you so much for joining us to tell us what you guys are up to and I'm sure we're going to see big things from you and your companies in the near future.

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